Archive for May, 2010

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CFIB wants Ottawa to level pension playing field

By on May 31, 2010 in Canadian Government

The federal government is too generous in subsidizing public service pensions and its time to start leveling the playing field with the private sector, the Canadian Federation of Independent Business says. “The federal government uses taxpayer dollars to ever-so-generously outmatch its employees’ pension contributions,” the CFIB said in a submission to the federal government’s consultations [...]

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30 Seconds w/Todd: Errors & Omissions

By on May 31, 2010 in Ask The Expert, Featured

View the video here on your mobile device. Errors & Omissions Preventing errors and omissions losses must be in the minds of all brokers.  There are many tools available to assist brokers in this regard.  One of these is to receive property technical training.  Aside from knowing policy details better, technical training provides confidence.  Clients [...]

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Rebounding housing starts should stabilize

By on May 31, 2010 in Real Estate

Canadian housing construction starts are expected to stabilize in coming years, following an even stronger rebound in 2010 than previously forecast, according to a new CMHC outlook issued on May 19. Canada Mortgage and Housing Corp. is now estimating there will be between 166,900 and 199,600 units started this year. That’s about 18,000 to 50,000 [...]

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Stock exchange regulations would prevent plunges

By on May 31, 2010 in Business

U.S. stock exchanges would briefly halt trading of some stocks that have big prices swings under new trading rules aimed at avoiding market plunges and proposed  by federal regulators. The rules would take effect in mid-June under a six-month pilot program agreed to by major U.S. exchanges and the Securities and Exchange Commission. The SEC [...]

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Ottawa to ban banks from web insurance sales

By on May 31, 2010 in Canadian Insurance

Ottawa is drafting legislation to stop Canadian banks from using their websites to promote insurance that can’t be sold through their regular branch offices. Finance Minister Jim Flaherty said Thursday he is moving forward with legislation that would make it illegal for federally regulated Canadian banks and trust companies to use their websites to promote [...]

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30 Seconds w/Todd: Umbrella or Excess?

By on May 31, 2010 in Ask The Expert, Featured

View the video here on your mobile device. Umbrella or Excess? Providing high limits of liability protection can be accomplished with Umbrella Liability policies.  Umbrella Liability policies are available for both personal and commercial clients.  Just make sure that any policy calling itself an Umbrella Liability policy contains a drop down feature to insure losses [...]

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Credit, debit card code of conduct widely adopted

By on May 31, 2010 in Business

The federal finance minister says the Code of Conduct for the Credit and Debit Card Industry has been widely adopted by the industry. Finance Minister Jim Flaherty says all the payment card networks, major credit and debit card issuers and payment processors have adopted the code which will be effective starting Aug. 16. Under the [...]

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Interview with Barry Franklin of Towers Watson

By on May 31, 2010 in Featured, Risk Management

View the video here on your mobile device. ILSTV sat down with Barry Franklin, Director in the Corporate Risk Management Practice of Towers Watson, about the role of today’s risk managers and the challenges they face. Barry Franklin: I think if you were to summarize it one sentence, risk managers are doing a lot more [...]

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Active 2010 hurricane season: Tropical Storm Risk

By on May 31, 2010 in Natural Disasters

Tropical Storm Risk (TSR), which provides real-time mapping and prediction of tropical cyclone windfields worldwide and is co-sponsored by Aon Benfield, has released its pre-season outlook report to coincide with the start of the 2010 Atlantic hurricane season. The report anticipates Atlantic basin and U.S. landfalling hurricane activity being 55% above the long-term (1950-2009) norm. [...]

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Vancouver-area auto theft down during Olympics

By on May 28, 2010 in Auto & Trucking

British Columbia’s Solicitor General Michael de Jong said that strategically placed bait cars helped send vehicle thefts downhill to a 14-year low during the 2010 Olympic Winter Games. “We warned car thieves that bait cars would be everywhere during the Games, and it appears they got the message,” said de Jong. “This success is all [...]

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Prudential delays plan for AIA financing

By on May 28, 2010 in Sales, Mergers & Acquisitions

Prudential PLC announced a rights issue to raise 14.5 billion pounds (US$20.9 billion) to help finance its $35.5 billion acquisition of the Asia-based life insurer AIA Group from bailed-out U.S. insurance firm AIG. The announcement had been expected in mid-May but Prudential was delayed by questions raised by the Financial Services Authority, the U.K. financial [...]

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Buffett cuts holdings in a dozen companies in Q1

By on May 28, 2010 in International Insurance

Billionaire Warren Buffett’s firm says it cut its holdings in a dozen companies in the first quarter, including slashing its stake in Kraft Foods Inc., as it finished raising cash for its US$26.7-billion acquisition of the Burlington Northern Santa Fe railroad. The sale of more than 30 million Kraft shares came after Buffett criticized the [...]

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ICBC reports Q1 results

By on May 28, 2010 in Financial Reports

ICBC reported its financial results for the first three months of 2010, with its investment income showing good returns on the back of a strengthening economy, and a positive claims picture developing as a result of both good weather and the 2010 Winter Games. ICBC’s net income for the first quarter of 2010 was $155 [...]

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Profit growth will be harder in second half

By on May 28, 2010 in Canadian Economy

Canadian companies have seen their profits soar in recent quarters, but the climb could slow down in the back half of this year, according to the Conference Board of Canada. The Ottawa-based private-sector forecasts says its industry indicator is showing signs that a strong post-recession recovery is losing some of its momentum. That could mean [...]

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Global regulations could hurt Canada: Sun Life

By on May 28, 2010 in Canadian Insurance

The head of Sun Life Financial says Canada could be put at a disadvantage by new financial regulations being proposed by some governments. The Canadian insurance company’s chief executive, Donald Stewart, says Sun Life is working with the federal government to address the potential challenge. Prime Minister Stephen Harper has been adamant in his stance [...]

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Oilsands investment riskier than Gulf of Mexico

By on May 27, 2010 in Business

A report says the oilsands could be a riskier place to invest for the long-term than the Gulf of Mexico. The world’s attention has been focused on the ruptured oil rig that has been spewing crude oil into the Gulf for nearly a month, but the report by RiskMetrics Group likened development of Alberta’s oilsands [...]

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TD Bank buys another US bank

By on May 27, 2010 in Sales, Mergers & Acquisitions

TD Bank Financial Group added another American bank to its growing basket of assets in the U.S. southeast with the announcement that it is picking up South Financial Group Inc. for US$191.6 million. It’s the second time in less than a month that TD has dipped its hands into the region, where the bank hopes [...]

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Industrial Alliance opposes securities commission

By on May 27, 2010 in Canadian Insurance

Insurance and financial services company Industrial Alliance said that it doesn’t support a proposed national securities commission and wants a better enforcement of prosecuting white collar crimes. The Quebec-based company, Canada’s fourth-largest life insurer, said most of the regulations are already harmonized between the provinces and territories and it supports further harmonization. Industrial Alliance said [...]

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RIBO warns of automobile insurance fraud

By on May 27, 2010 in Auto & Trucking

RIBO is once again warning Ontario residents that there’s a scam going on. The Registered Insurance Brokers of Ontario says it has recently experienced a number of calls from people who have been caught in an automobile insurance scam. Newspaper ads have been placed in several Ontario city newspapers and most recently in the Toronto [...]

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